US stocks ended higher on August 13 after July Producer Price Index came in lower than expected at +4.7% year-over-year versus +4.9% forecast and +5.5% in June. The S&P 500 rose 0.5% to 0.7%, hitting an intraday record near 7,817, while the Nasdaq Composite gained 0.8% to 1.0%. These figures reinforce expectations that the Fed will hold rates steady at the next FOMC meeting on September 15-16. The federal funds rate remains in the 3.50% to 3.75% range, where it has been since December 2023.
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